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PayPal shopping spree continues, buys Simility for $120 million

The purchase is the fourth acquisition in the last 12 months.

PayPal is on quite the buying spree as the company has acquired three companies in about a month.

The company said it will pay $120 million in cash for Simility, a fraud prevention and risk management firm. PayPal said Simility will allow it to offer fraud prevention to merchants.

Bill Ready, operating chief at PayPal, said Simility will accelerate its plans to give merchants fraud fighting tools. PayPal invested in Simility and owned 3 percent of the company before the purchase.

Read also: How to add PayPal to Google Pay - CNET

Simility is used to detect items like new account fraud, wire fraud and money laundering with a combination of machine learning, visualization and human and automated analytics.

In the last year, PayPal has acquired iZettle, Hyperwallet, Jetlore and Swift Financial.

The goal for the company is to build a complete financial stack, partner and utilize Venmo to fuel growth.

Read also: How the 'PayPal Mafia' redefined success - TechRepublic

Here's a rough cut on how Simility works.

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